USD/JPY – 110.54
New strategy :
Stand aside
Position :Â –
Target :Â –
Stop : –
The greenback finally resumed recent decline as the pair broke below indicated previous support at 110.62, adding credence to our bearishness, however, as dollar has recovered from 110.31, suggesting minor consolidation above this level would be seen and test of the Kijun-Sen (now at 110.80) cannot be ruled out but upside should be limited to 111.00-05 and resistance at 111.29 should hold, bring another selloff.
In view of this, would not chase this fall here and would be prudent to stand aside for now. Below said support at 110.31 would extend recent decline to 110.00-05 but near term oversold condition should limit downside to 109.75-80 and 109.50 would hold from here, risk from there is seen for a rebound later.
